Core conclusion
Rising natural gas prices have accelerated the development of renewable energy in Europe, and the photovoltaic industry has maintained a long-term high boom. The recent war between Ukraine and Russia has made the prices of oil, natural gas and coal in Europe fluctuate greatly, and the power supply has been greatly affected. Some European countries may further promote the development of new energy power supply to avoid the impact of geopolitics. On February 28, the German Ministry of economy proposed a draft legislation to accelerate the expansion of wind energy and Cecep Solar Energy Co.Ltd(000591) infrastructure, and advance the target of 100% renewable energy power supply to 2035. The draft increases the annual new installed capacity of onshore wind energy and Cecep Solar Energy Co.Ltd(000591) facilities by about three times, and points out that the new installed capacity of onshore wind energy will increase to 10GW in 2027, Cecep Solar Energy Co.Ltd(000591) to 20GW in 2028, and the new installed capacity of offshore wind power will increase to 70gw in 2045. Under the influence of rising natural gas prices, Europe may accelerate the development of new energy. It is expected that the installed capacity of photovoltaic will be further improved in the future, and the photovoltaic industry will maintain a long-term high outlook. Recommended Tianjin Zhonghuan Semiconductor Co.Ltd(002129) ( Tianjin Zhonghuan Semiconductor Co.Ltd(002129) . SZ), Suzhou Maxwell Technologies Co.Ltd(300751) ( Suzhou Maxwell Technologies Co.Ltd(300751) . SZ), Flat Glass Group Co.Ltd(601865) ( Flat Glass Group Co.Ltd(601865) . SH), Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) ( Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) . SH).
There is a strong demand for electric vehicles in Europe, and the sales volume of new forces increased year-on-year. According to the data of national automobile associations, the sales of electric vehicles in France / UK / Spain / Sweden / Norway in February were 2.3/1.5/0.7/2.3/7000 respectively, with a year-on-year increase of + 32% / + 127% / + 108% / + 32% / – 13%. Most of the electric vehicle sales in major European countries achieved year-on-year high growth in February, and the high demand boom is expected to continue. In February, the delivery volume of Xiaopeng / Nezha / ideal / Weilai / Zero run was 6225 / 7117 / 8414 / 6131 / 3435, a year-on-year increase of + 180% / + 256% / + 266% / + 10% / + 447%. The sales volume of new forces maintained a year-on-year high growth. According to sneresearch data, the global installed capacity of power batteries in January 22 was 25.7gwh, a year-on-year increase of + 87% Contemporary Amperex Technology Co.Limited(300750) 1 in January, the global market share was 37.8%, 5.2 percentage points higher than the 32.6% in 2021. In January, the global market share of Contemporary Amperex Technology Co.Limited(300750) and Byd Company Limited(002594) exceeded 50% and reached 51.5%; The global market share of six Chinese enterprises is as high as 63.1%. Optimistic about the development of China’s lithium battery industry chain. Recommended Shenzhen Kedali Industry Co.Ltd(002850) ( Shenzhen Kedali Industry Co.Ltd(002850) . SZ), Hunan Zhongke Electric Co.Ltd(300035) ( Hunan Zhongke Electric Co.Ltd(300035) . SZ), Guangdong Jiayuan Technology Co.Ltd(688388) ( Guangdong Jiayuan Technology Co.Ltd(688388) . SH).
From January to February of 22, the cumulative bidding volume of wind turbine was + 102% year-on-year, and the development of wind power industry is optimistic. According to our incomplete statistics from websites such as site comparison bidding, the cumulative bidding volume of wind turbines in China from January to February of 22 years was 13.62gw, a year-on-year increase of + 102%; Among them, the bidding volume of onshore fans was 9.72gw, a year-on-year increase of + 47%, and the bidding volume of offshore fans was 3.90gw. In February, the average bid winning price of onshore fans was 2235 yuan / kW, with a year-on-year increase of – 26% and a month on month increase of + 10%; The average bid winning price of onshore fan including tower is 2178 yuan / kW, with a year-on-year ratio of – 45% and a month on month ratio of – 15%. The average price of single tower and onshore wind turbine is relatively large. Under the expectation of offshore wind power parity, we continue to be optimistic about submarine cables and offshore towers with excellent competition pattern and stable profits. Recommend Ningbo Orient Wires & Cables Co.Ltd(603606) ( Ningbo Orient Wires & Cables Co.Ltd(603606) . SH), Titan Wind Energy (Suzhou) Co.Ltd(002531) ( Titan Wind Energy (Suzhou) Co.Ltd(002531) . SZ), etc.
Risk tips: policy risk, increased market competition and other risks, supply chain shortage risk, etc.
